03/30/2020
A down payment is an upfront payment you make to purchase a home. It is the portion of the purchase price that you pay out-of-pocket (as opposed to borrowing). Down payments are often, but not always, part of obtaining a loan. It’s common to put 20% down, but many lenders permit much less. However, it is sometimes wise to make a down payment even when you don’t have to. A bigger down payment can help you minimize borrowing and help save on interest costs, and the same time make you more attractive as a buyer. So keep this mortgage tip in mind, and don't forget to start saving for a down payment early.
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Rock Solid Realty Group
www.rocksolidrealtygroup.com
210-365-6538
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210-288-7150
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210-884-2371
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